Word: internationale
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Dates: during 1970-1979
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There are even more tangible benefits for America. For every $1 that the U.S. contributes to international financial institutions that give aid, the recipients spend $2 to buy goods and services in the U.S. For every $1 paid by the U.S. into the World Bank alone, $9.50 flows into the...
It may seem odd, ironic and even unbelievable to anybody paying those pumped-up OPEC oil prices, but the Saudis feel they are the suckers of th world In their own sardonic way, they even joke about it. They say that they have piped out their black gold but the...
Whatever the merits of this mindset, it is deeply disturbing to experts on Arabia−and to none more than Minos Zombanakis, a Crete-born and Harvard-educated banker who straddles two worlds. For over 20 years, Zombanakis, 52, has been advising Arabs and Iranians on how to deal with...
The dollar is weak, he believes, because it is the only significant international trading currency and more than 75% of the official reserves of all non Communist countries are held in dollars. This unique dominance has enabled U S banks to lend out so many billions of dollars that the...
To strengthen the dollar, Zombanakis continues, governments must devise a new system, a collective responsibility that would spread the risks of financing international debts. One way would be to set up a world central bank that would issue a new reserve currency to supplement the dollar. Perhaps a revised International...